Major shareholder Kretinsky wants Metro off the stock exchange - quarterly figures

Published: 2025-02-05 13:06:18 ET B4B.DE

DÜSSELDORF (dpa-AFX) - The Czech investor Daniel Kretinsky is seeking to delist the wholesale group Metro from the stock exchange. Shareholders will be offered 5.33 euros per tendered ordinary share and per tendered preference share as part of a delisting tender offer, the group announced surprisingly after the close of trading in Düsseldorf on Wednesday evening. Kretinsky currently holds 49.99 percent of Metro shares. The two other major shareholders, Meridian and Beisheim, reportedly do not want to relinquish their shares. In reaction to the news, Metro shares were suspended from trading. At the Xetra close, the common shares were quoted at 3.905 euros and the preferred shares at 5.05 euros.

The Metro Management Board supports the delisting, it said. It intends to examine the offer and then issue a statement. The price offered represents a "significant premium" on the current share price and the weighted share price over the past months, the boards have already announced. At the same time, the price does not fully reflect Metro's long-term growth potential in the opinion of the Executive Board and Supervisory Board.

Subject to approval by the German Federal Financial Supervisory Authority (Bafin), the offer document is expected to be published in March. The acceptance period for the delisting offer is also expected to begin then. The plan also provides for the management bodies to remain in office. In addition, Kretinsky's investor vehicle is to waive a domination agreement for a period of 18 months.

The Düsseldorf-based company also presented its figures for the first quarter on Wednesday evening. According to these figures, growth accelerated. In the three months from October to December, turnover increased by 5.6 percent year-on-year to 8.6 billion euros. Excluding exchange rate effects and acquisitions and disposals of parts of the company, revenue climbed by 7.1 percent in the Christmas quarter. This was a stronger increase than in the same period of the previous year and also than in the previous quarter. All segments and sales channels contributed to the growth, according to the SDax group. Adjusted for special items, earnings before interest, taxes, depreciation and amortization increased from 407 to 412 million euros.

"Our goal is to continue this momentum in the further course of the year and at the same time focus more strongly on productivity and profitability," said Metro CEO Steffen Greubel. The manager confirmed the forecast for the 2024/25 financial year (end of September). Metro aims to increase sales by 3 to 7 percent under its own steam. The adjusted operating result is expected to increase slightly./lew/men/he

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